(PharmaNewsWire.Com, August 29, 2017 ) According to the report Latin America Smart Pill Technologies market, published by Market Data Forecast, the Market has been estimated at USD 220 Million in 2016 and is projected to reach USD 501.18 Million by 2021, at a CAGR of 17.9% during the forecast period from 2016 to 2021. Smart pill technology is used to diagnose gastrointestinal (GI) disorders such as constipation and gastroparesis. This technology comprises wireless capsule, a receiver worn by the patient and computer software that analyzes and sorts the collated information. Smart pill is still a nascent technology that holds immense potential in the field of medical diagnostics. The market for Smart Pill Technologies is mainly driven due to benefits provided by the smart pills technology such as technological advancements in endoscopy procedures, targeted drug delivery, and easy remote patient monitoring, which is propelling the adoption of this technology. But, the market growth can be hampered due to higher associated cost and poor adaptation of technology especially in developing countries.
Latin America market for Smart Pill Technologies is segmented based on Application. By Application, the market is further sub-segmented into Capsule Endoscopy, Drug Delivery, Patient monitoring. Capsule Endoscopy segment is further sub-segmented into Small Bowel Video Capsule Endoscopy, Colon Capsule Endoscopy, OMOM Capsule Endoscopy Platform, MiroCam, Upgraded MiroCam and Advanced Capsule Endoscope, The ANKON MCE System and CapsoCam. Capsule endoscopy segment is expected to be one of the largest markets owing to the advantages attached such as disease diagnosis in small intestine. Drug delivery market is also expected to experience growth due to the benefit of improving medication efficiencies, improving patient compliance & convenience, and fast paced technology.
Geographically, Latin America market for Smart Pill Technologies is segmented into Brazil, Argentina, Mexico and Rest of Latin America. Latin American market is escalating with high CAGR. Factor like increasing disposable income of the patients in developing countries of Latin America, is creating a lot of opportunities for market growth, and is attracting the market players for business expansion in this region.
CapsoVision, Inc., Given Imaging, Inc., Medimetrics S.A. de C.V., Olympus Corporation, Bio-Images Research Limited, Novartis, Given Imaging Ltd, Philips Healthcare, Smartpill, Inc., Medtronic, Inc., Pentax Medical Company, Siemens Healthcare, Stryker Corporation, GE Healthcare, Boston Scientific Corporation, IntroMedic Inc., Chongqing Jinshan Science & Technology Group Co. Ltd., Proteus Digital Health Inc., are the major players of Latin America Smart Pill Technologies market.
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